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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
● |
the information given in the strategic report and the directors’ report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
● |
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Critical accounting estimates and judgements |
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In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision effects both current and future periods. |
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3 |
Analysis of turnover |
2023 |
|
2022 |
£ |
£ |
|
|
Fees for healthcare services |
2,523,864 |
|
2,272,874 |
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|
|
|
|
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|
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By geographical market: |
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UK |
2,523,864 |
|
2,272,874 |
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|
|
|
|
|
|
|
|
|
4 |
Operating profit |
2023 |
|
2022 |
£ |
£ |
|
This is stated after charging: |
|
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Depreciation of owned fixed assets |
105,878 |
|
103,710 |
|
|
|
|
|
|
|
|
|
|
5 |
Staff costs |
2023 |
|
2022 |
£ |
£ |
|
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Wages and salaries |
1,115,277 |
|
1,272,875 |
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Social security costs |
90,715 |
|
73,901 |
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Other pension costs |
17,240 |
|
17,085 |
|
|
|
|
|
|
1,223,232 |
|
1,363,861 |
|
|
|
|
|
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Average number of employees during the year |
Number |
Number |
|
|
Care Home Staff |
74 |
|
68 |
|
|
|
|
|
|
74 |
|
68 |
|
|
|
|
|
|
|
|
|
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6 |
Interest payable |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans and overdrafts |
142,578 |
|
78,582 |
|
|
|
|
|
|
|
|
|
|
7 |
Taxation |
2023 |
|
2022 |
£ |
£ |
|
Analysis of charge in period |
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Deferred tax: |
|
Origination and reversal of timing differences |
7,389 |
|
51,498 |
|
|
|
|
|
|
|
|
|
|
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Tax on profit on ordinary activities |
7,389 |
|
51,498 |
|
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|
|
|
|
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Factors affecting tax charge for period |
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The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
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|
|
|
|
|
2023 |
|
2022 |
£ |
£ |
|
Profit on ordinary activities before tax |
296,518 |
|
506,465 |
|
|
|
|
|
|
|
|
|
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Standard rate of corporation tax in the UK |
19% |
|
19% |
|
£ |
£ |
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Profit on ordinary activities multiplied by the standard rate of corporation tax |
|
56,338 |
|
96,228 |
|
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Effects of: |
|
Expenses not deductible for tax purposes |
(59,087) |
|
1,645 |
|
Capital allowances for period in excess of depreciation |
74,152 |
|
3,608 |
|
Utilisation of tax losses |
(71,403) |
|
(101,481) |
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Current tax charge for period |
- |
|
- |
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|
|
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Factors that may affect future tax charges |
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Deferred tax has been provided at 25% which is the expected tax rate as timing differences reverse. |
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8 |
Tangible fixed assets |
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|
|
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Land and buildings |
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Fixtures, fittings, tools and equipment |
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Total |
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At valuation |
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At cost |
£ |
£ |
£ |
|
Cost or valuation |
|
At 31 March 2022 |
5,600,000 |
|
466,803 |
|
6,066,803 |
|
At 29 March 2023 |
5,600,000 |
|
466,803 |
|
6,066,803 |
|
|
|
|
|
|
|
|
|
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Depreciation |
|
At 31 March 2022 |
336,000 |
|
312,040 |
|
648,040 |
|
Charge for the period |
56,000 |
|
49,878 |
|
105,878 |
|
At 29 March 2023 |
392,000 |
|
361,918 |
|
753,918 |
|
|
|
|
|
|
|
|
|
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Carrying amount |
|
At 29 March 2023 |
5,208,000 |
|
104,885 |
|
5,312,885 |
|
At 30 March 2022 |
5,264,000 |
|
154,763 |
|
5,418,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
£ |
£ |
|
Carrying amount of land and buildings on cost basis |
2,877,019 |
|
2,877,019 |
|
|
|
|
|
|
|
|
|
|
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The property was revalued during the years 2014 to 2017 on the basis of directors' valuation. |
|
9 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
50,235 |
|
5,274 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
2,563,664 |
|
1,771,157 |
|
Other debtors |
5,282 |
|
5,282 |
|
Prepayments and accrued income |
27,889 |
|
37,709 |
|
|
|
|
|
|
2,647,070 |
|
1,819,422 |
|
|
|
|
|
|
|
|
|
|
10 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
135,660 |
|
135,660 |
|
Other Loans |
210,213 |
|
210,213 |
|
Trade creditors |
200,847 |
|
147,150 |
|
Other taxes and social security costs |
168,498 |
|
31,631 |
|
Other creditors |
184,018 |
|
144,654 |
|
Accruals and deferred income |
37,363 |
|
10,782 |
|
|
|
|
|
|
936,599 |
|
680,090 |
|
|
|
|
|
|
|
|
|
|
11 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
1,790,737 |
|
1,894,127 |
|
Other Loans |
327,198 |
|
499,254 |
|
Other creditors |
99,291 |
|
66,011 |
|
|
|
|
|
|
2,217,226 |
|
2,459,392 |
|
|
|
|
|
|
|
|
|
|
12 |
Loans |
2023 |
|
2022 |
£ |
£ |
|
Loans not wholly repayable within five years: |
|
Bank Loan |
|
1,926,397 |
|
2,029,787 |
|
|
|
|
|
|
|
|
|
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Analysis of maturity of debt: |
|
Within one year or on demand |
345,873 |
|
345,873 |
|
Between one and two years |
392,555 |
|
392,555 |
|
Between two and five years |
875,063 |
|
875,063 |
|
After five years |
850,317 |
|
1,125,763 |
|
|
|
|
|
|
2,463,808 |
|
2,739,254 |
|
|
|
|
|
|
|
|
|
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The bank loans are secured by a debenture over the assets of the company, a first legal charge over the company's property and cross guarantees from fellow group companies. Interest is charged 2.5% per annum above base rate.The loan is repayable February 2037. |
|
|
13 |
Deferred taxation |
2023 |
|
2022 |
£ |
£ |
|
|
Revaluation of land and buildings |
590,040 |
|
590,040 |
|
Accelerated capital allowances |
189,842 |
|
182,453 |
|
|
|
|
|
|
779,882 |
|
772,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
£ |
£ |
|
|
At 31 March |
772,493 |
|
579,385 |
|
Charged to the profit and loss account |
7,389 |
|
51,498 |
|
Charged to other comprehensive income |
- |
|
141,610 |
|
|
At 29 March |
779,882 |
|
772,493 |
|
|
|
|
|
|
|
|
|
|
|
14 |
Share capital |
Nominal |
|
2023 |
|
2023 |
|
2022 |
value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
100 |
|
100 |
|
100 |
|
|
|
|
|
|
|
|
|
|
15 |
Other reserves |
2023 |
|
2022 |
|
Revaluation reserve |
£ |
£ |
|
|
At 31 March |
1,851,928 |
|
2,014,938 |
|
Transfer to profit and loss account |
- |
|
(21,400) |
|
Deferred taxation arising on the revaluation of land and buildings |
|
- |
|
(141,610) |
|
|
At 29 March |
1,851,928 |
|
1,851,928 |
|
|
|
|
|
|
|
|
|
|
16 |
Profit and loss account |
2023 |
|
2022 |
£ |
£ |
|
|
At 31 March |
2,082,980 |
|
1,606,613 |
|
Transfer from revaluation reserve |
- |
|
21,400 |
|
Profit for the period |
289,129 |
|
454,967 |
|
|
At 29 March |
2,372,109 |
|
2,082,980 |
|
|
|
|
|
|
|
|
|
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17 |
Controlling party |
|
|
The ultimate controlling party is Fisher Care Group Limited, a company registered in England . |
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18 |
Presentation currency |
|
|
The financial statements are presented in Sterling. |
|
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19 |
Legal form of entity and country of incorporation |
|
|
Whitby Court Limited is a private company limited by shares and incorporated in England. |
|
|
20 |
Principal place of business |
|
|
The address of the company's registered office is: |
|
|
Henson House |
|
Ponteland Road |
|
Newcastle upon Tyne |
|
Tyne & Wear |
|
NE5 3DF |